Dr M: PH's first year dedicated to consolidation, rehabilitation and resetting the nation

KUALA LUMPUR (Bernama): The first year of the Pakatan Harapan (PH) government has been dedicated to consolidation, rehabilitation and resetting the nation amid the mess created by 1Malaysia Development Bhd (1MDB), says Tun Dr Mahathir Mohamad.

The Prime Minister said as the government struggled to make real sense of the scandal it discovered, the damage was more extensive than expected and along the way, as it uncovered that the other pillars of the country’s economy were compromised as badly, if not worse.

“To sum it up, it had been a year of consolidation, rehabilitation and resetting our nation,” he said at the American Malaysian Chamber of Commerce’s (Amcham) Annual General Meeting here on Wednesday (April 18).

“I believe we have turned the corner and we look forward to finally sitting down and pursuing our plans, instead of merely being tied down cleaning up everything.”

He said the PH government is also conscious that the country cannot develop, if it does not grow the economy.

“Therefore, we are committed to ensuring our policies are investor-friendly to both foreign and domestic investors. This government will strive to continue our engagement with multinationals like you.

“As we take your viewpoints into consideration, in turn, you will continue to view Malaysia as a favoured, strategic and profitable investment destination for US businesses now and in years to come,” the Prime Minister said.

In 2018, the United States was Malaysia’s third largest trading partner, with total trade exceeding RM155bil.

Exports from Malaysia to the US increased to more than RM90bil, which was the highest value in more than a decade.

Of the 78 MNCs under InvestKL, 20 of them are from the US. This is by far the biggest from any single country, with the next only having half of this number.

In the manufacturing space, the US is the second-largest foreign investor in Malaysia. Projects that US companies have implemented are valued at almost US$22bil (RM92bil), second only to Japan. - Bernama